VietNamNet Bridge - A partner has registered to buy 250 condotels for South Korean buyers at a high-end resort in the central province of Quang Nam, sources said.

Developers can sell no more than 30% of projects in one project to foreigners

The developer of the project said there are 690 condotels and 90 villas in the resort. However, a US standard real estate brokerage firm, which has been in the Vietnamese market for one year, has ordered 300 products. Of these, 250 condotels will be sold to buyers from South Korea.

The project is located on a ‘5-star boulevard’ with a series of high-end resorts spreading from My Khe to Cua Dai. Each condotel is sold at VND2 billion.

The investor has committed the annual profit of 8 percent in the first two years and 9 percent for the third and subsequent years, if the project can get occupancy rate of 70 percent and higher.

There are 690 condotels and 90 villas in the resort. A US standard real estate brokerage firm, which has been in the Vietnamese market for one year, has ordered 300 products. Of these, 250 condotels will be sold to buyers from South Korea.

The general director of a company distributing the project said the company has a high number of clients via its office in South Korea.

“250 is not the last number. However, as clients have had good feedback about the products, I believe the sale will be very satisfactory,” he said.

The director went on to say that South Koreans like products because it is located in an advantageous position with beautiful beaches and is a high-end project.

The room rate in the area is about $1,500 per night.

“Chinese travelers use products of different classes, but most of them prefer the resorts at reasonable fees. South Koreans stay in high-end resorts,” he explained.

Along the Da Nang coastline, in the districts of Son Tra and Ngu Hanh Son, restaurants and hotels run by South Koreans have mushroomed in number.

Dang, a real estate broker who has been in the sea city for two years, said there are a lot of South Koreans buying houses in Da Nang under Vietnamese names to settle down in the city.

“A South Korean community is taking shape. The real estate transactions here are just like the way they appeared in Phu My Hung, airport area and Tan Binh IZ in HCMC,” Dang commented.

Meanwhile, in early July 2017, the developer of a project in district 2 in HCMC stated that hundreds of South Korean buyers had registered to buy products of the projects.

Under current laws, developers can sell no more than 25-30 percent of total products in one project to foreigners.